March 15, 2022

Brown Statement on the Federal Reserve Nominees

WASHINGTON, D.C. – Today, Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement regarding the withdrawal of Ms. Sarah Bloom Raskin, nominee to be Federal Reserve Vice Chair for Supervision.

“I thank Sarah Bloom Raskin for her commitment to public service, and for serving our nation with honor and distinction as Deputy Secretary of Treasury, Governor of the Federal Reserve System, and Commissioner of Financial Regulation for the State of Maryland.

“Sadly, the American people will be denied a thoughtful, experienced public servant who was ready to fight inflation, stand up to Wall Street and corporate special interests, and protect our economy from foreign cyber attacks and climate change. She was unanimously confirmed twice by the Senate and has unquestionable qualifications. Unfortunately, too many of my colleagues ignored the broad, bipartisan support from community bankers, top economists, cybersecurity experts, state banking regulators, consumer advocates, and so many others. Instead, they fell for talking points written by the oil and gas industry.

“Republicans engaged in a disingenuous smear campaign, distorting Ms. Raskin’s views beyond recognition and made unsubstantiated attacks on her character. Committee Democrats were united, and we did our jobs. 

“The Committee will hold a markup on the remainder of these nominees – a historic slate which includes the first African American woman ever nominated. At this critical moment in our economic recovery – as the country fights inflation and faces uncertainty due to Russia’s unprovoked invasion of Ukraine – I implore my Republican colleagues to do their jobs, show up to vote YES on the remaining, eminently qualified Federal Reserve nominees.”

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